I worked for a company for 2 years, till August 2016 and from September 2016 I am working for another employer, so how would TDS by my current employer be deducted. I want to know the period of calculation for TDS and from which month TDS starts deducted.
From India, Hyderabad
From India, Hyderabad
See TDS under Section 192 B of Income Tax is deducted in the following way :-
1) Your entire early tax is determined.
2) Employer divide this by 12. Then deduct each month this portion. so that your entire tax is deducted over the year.
On change of employment, you new employer will take all this detail and calculate tax for entire year taking into consideration the salary from old employer and new one. Then he will deduct the tax already deducted. The balance will be divided by remaining months of financial year. Then he will deduct it each month in the remaining year.
You need to provide him all details. Also you need to give them your form 26AS from income tax site. This form contain details of your TDS already deducted. See this site below for more.
From India, Kolkata
1801) Your entire early tax is determined.
2) Employer divide this by 12. Then deduct each month this portion. so that your entire tax is deducted over the year.
On change of employment, you new employer will take all this detail and calculate tax for entire year taking into consideration the salary from old employer and new one. Then he will deduct the tax already deducted. The balance will be divided by remaining months of financial year. Then he will deduct it each month in the remaining year.
You need to provide him all details. Also you need to give them your form 26AS from income tax site. This form contain details of your TDS already deducted. See this site below for more.
From India, Kolkata
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TDS circular.pdf
Format--new TDS rates.xls
BASICS OF TDS ON SALARY-1.doc